One of Wall Street’s favourite financial innovations for helping reduce corporate greenhouse gas emissions isn’t functioning as intended.
Issuers like SLBs because their proceeds can be used for general purposes as opposed to specific projects, which isn’t the case for green bonds. As a result, the SLB market is accessible to heavy polluters like cement producers or steel manufacturers that might otherwise struggle to identify projects eligible for green bonds.
CBI’s research found that just 14% of SLBs issued are aligned with the Paris Agreement target of limiting global warming to well under 2C from pre-industrial times, according to its own assessment methodology.
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